A month or so ago, equity research was a maelstrom of movement. David May quit HSBC, probably for RBC, Richard Taylor quit Citigroup, probably for Jefferies. And RBS appointed the dynamically named Nimrod Schwarzmann as global head of equity research.

Now that we have passed midsummer, is equity research recruitment dropping off? Not according to headhunters in the area.

“These are good times,” says one equity research specialist. “We’re very busy and there are some big tickets being written – people are being brought on on big guarantees, and we expect this to continue.”

Banks currently hiring in equity research reputedly include Citigroup and Deutsche Bank. Hiring is sector focused, with the emphasis on utilities, oils, banks and retail. Now that Nimrod’s in place at RBS, hiring’s expected to pick up there too. “He’s been hired with a mandate to recruit in certain areas,” says the headhunter.

Another equities headhunter claims SocGen has big plans for equity research recruitment as well. “They’re planning to substantially strengthen their research function,” he claims. SocGen didn’t return a request to comment.

Longer term, however, equity research has its detractors. “If I were a gambling man, I’d bet that the number of people employed in equity research will decline in future years,” says Simon Maughan [an equity researcher] at MF Global. “If banks are banned from prop trading in equity derivatives, part of the cross-subsidisation of equity research will disappear.”